Tiffany Apartments

[lasomeday]

There is a lot of activity there today. A small lift, new dumpsters, 8 trucks, and varies metal beam structure things. I think this is a go.

[Pete]

They have their building permits and are cranking it up.

[turnpup]

Have the squatters moved on?

[Teo9969]

So which was the final design o. This?

[Pete]

Works starts on renovation and expansion of long-shuttered Tiffany Apartments

Ferguson Property Group of Memphis has started work on a $27 million project to completely renovate the 12-story Tiffany Apartments at NW Expressway and May Avenue.

The highly-visible property has been vacant for several years after Ferguson bought it in 2008. Over the last few years it has been a magnet for vandals and vagrants.

Completely gutted back to its poured-in-place concrete walls, the new Tiffany will feature substantially larger 1- and 2-bedroom units with completely modern interiors.

A new 3-story building with a pool over covered parking will be added to the west bring the total number of rental units to 150.

Built in 1966 with few changes made since, the old Tiffany was badly outdated with an average apartment size of less than 500 square feet.

Future amenities include include a fitness center, yoga studio, resident lounge, doorman/concierge service, dog park, coffee bar, and convenience store.

Principal Glenn Ferguson had sought to do a more ambitious addition but discovered an un-recorded water line that would have been cost-prohibitive to move.

With large balconies on the east and west sides, The Tiffany offers excellent views of downtown and Lake Hefner.

Construction will be complete in spring of 2018.

[warreng88]

By far the biggest obstacle was getting financing for a semi high-rise apartment building.

None have been built / highly renovated in OKC, apart from Founders Tower and The Classen, which were both condo conversions.

I can confirm that finding financing was the hardest part, also, they redid the project completely and that took time. In addition to all of that, when I looked at it, the average rental rate was going to be $2/sf. Now, most of apartments are sub-1,000sf, so the tenant would be paying $1,000/month for a 500 sf apartment. That doesn't apply anywhere in the metro area, except for a few apartments in The Classen and the Montgomery.

[warreng88]

Drove by today and demo is well under way. Sent Pete a few pics.

[Pete]

From warreng88:

[Pete]

They are really going to town now.

Completely demoing the inside and already doing prep work in the back for the new addition.

[Pete]

You can see straight through the building now as the interior seems to be completely demolished.

[_Kyle]

Will they be doing anything to enhance the exterior of the building?

[Pete]

Took these last night.

The new parking/apartments/pool structure is taking shape on the west side.

[Lazio85]

2017/08/18


Tiffany Tower by lazio85, on Flickr


Tiffany Tower by lazio85, on Flickr

[Pete]

Little hard to see in this photo but all the windows have been replaced and the studs are pretty much up on the interior.

[Pete]

[Uptowner]

This is turning out a lot cooler than I thought it would. I used to live about 1/4 mile from here and I can see the potential for upscale apartments. It’s about a 15minute commute via I-44 ( before construction) or classen to the cbd.

Edit: and it’s centrally located next to every retail and grocery outlet you could ever want.

[Pete]

[dcsooner]

Really nice transformation

[PaddyShack]

Do we have any idea what prices these will go for?

[Ward]

Wow. I remember going to a little club there back in the late '70's, The Schnapskeller (spelling?)

They only had beer, no mixed drinks back in those days. It was a small space, right at or just under ground level on the south side of the building.

[Pete]

Everything in that building was super tiny, especially the apartments.

They are being combined into bigger, modern units.

Those east-facing apartments near the top have some of the best views in all of OKC.

[DallasOkie086]

looks good. This might legitimately be one of the better projects going on in the metro right now.

[ShadowStrings]

This project is coming along very nicely. It seems like it might be branded as Tiffany Retro. Best of all, the sign on top of the building is lit up again!

I just renewed my lease elsewhere, but I'll definitely be interested in moving in here. Is there an estimate for when it will be complete?

[warreng88]

This project is coming along very nicely. It seems like it might be branded as Tiffany Retro. Best of all, the sign on top of the building is lit up again!

I just renewed my lease elsewhere, but I'll definitely be interested in moving in here. Is there an estimate for when it will be complete?

There is a grand opening on 6/28, but it is by invite only. I have been in contact with Glenn Ferguson, the developer, and one was sent to me. Pete, did you get one? And I am glad they went with the retro theme. There was a time where they were going to call is H2O or something like that and it would be more water themed. I thought it was a little hocky and am glad they kept it the Tiffany.

[Pete]

There is a grand opening on 6/28, but it is by invite only. I have been in contact with Glenn Ferguson, the developer, and one was sent to me. Pete, did you get one? And I am glad they went with the retro theme. There was a time where they were going to call is H2O or something like that and it would be more water themed. I thought it was a little hocky and am glad they kept it the Tiffany.

Yes, I'm going on the 28th. They still have a lot of work to do there to get open.